Deed In Lieu

A bank will give you a deed in lieu or a deed in lieu of foreclosure when you give them the deed to your house after you're unable to make the payments. The benefit of a deed in lieu is that you won't have a foreclosure listed on your credit report and it won't affect your credit history. A deed in lieu will remove your obligation to pay your mortgage but you'll also lose the equity in your home. Read, watch and listen to this content to understand whether a deed in lieu is right for you.

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Mortgage Payments Missed: Options Include Short Sale, Deed In Lieu of Foreclosure

If you've recently lost your job or find that you have less income than you used to, you may not be able to make your mortgage payments. Missing mortgage payments can damage your credit score. What can you do if you can't afford to make your mortgage payments? It may be difficult to sell your home in the current housing market so you may have to consider a deed in lieu of foreclosure or a short sale. When you don't have a job it's difficult to get your lender to modify your mortgage.

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